JJB Sports has today hired KPMG to handle a sale of the business after continued poor trading. Retail Week takes a look at who might be interested in the struggling sportswear retailer.

OpCapita: Having made two big acquisitions of ailing retailers in the last several months, the private investment firm is likely to cast its slide-rule over JJB. OpCapita has already taken control of electricals retailer Comet and computer entertainment specailist Game. OpCapita, led by the irrepressible ex-banker Henry Jackson, focuses on troubled retailers to which it can bring operational expertise. John Clare, Comet chairman, is also a former chairman of JJB - whether that would make the sportswear group more appealing or an ‘avoid at all costs’ is not clear however. OpCapita bought Comet for £2, and if it bought JJB a similar price might be expected.

GA Europe: A relative newcomer to the UK but very active in the market, restructuring specialist GA has been involved in a raft of deals. Although it has frequently been involved in closure programmes, such as those of Ethel Austin and Bonmarche, GA is keen to take operational control of retailers which it can improve or turn around. This year GA supported a management buyout of footwear retailer Schoon.

Better Capital: Jon Moulton, the sharp-as-a-razor boss of the private equity firm, is a veteran of retail sector deals and has made high returns on a variety of business bought when in trouble. Better Capital acquired fashion retailer Jaeger earlier this year, and Moulton was reported earlier this month to be taking a keen interest in JJB. At his former company,Alchemy Moulton engineered the purchase of AG Stanley – owner of Fads and Homestyle – from Boots for £2 and sold the business for £38m. Might he see similar opportuity at JJB?

Hilco UK: The restructuring specialist, led by ebullient chief executive Paul McGowan, is one of the key players distress deals and sometimes one of the most controversial. The firm was hired to close a raft of Clintons stores, acquired HMV’s Canadian business last year and owned Habitait before selling the brand no to Home Retail. Portrayed by some as ambulance chasers, Hilco is nevertheless recognised and respected for quickly and efficiently getting to grips with struggling retailers.

Trade buyer: The purchase of JJB by another retailer remains a possibility. JD Sports has previously considered buying JJB but it is unclear whether it would still be interested, and would certainly be unlikely to to take on all of JJB’s 180 stores. JJB’s arch-rival and nemesis, Sports Direct, which has 470 stores, would probably face competition concerns if it were interested. US giant Dick’s Sporting Goods earlier this month wrote off £20m it invested in JJB just five months ago. It is unlikely, but possible, that it could take control of JJB. If a purchase were made it could look to control the debt and partner with another business to run the ailing sportswear retailer. JJB shareholder Invesco is thought to be keen to take control of JJB’s debt and, if it did, would play a key role in the retailer’s future.